Ex-Wall Street Team Builds ExOne Platform To Battle The ‘Fragmented’ Crypto Market

  • New liquidity solution unveiled to reduce the discrepancies and inefficiencies in the crypto trading market.
  • Former trading gurus at NASDAQ, Visa and Morgan Stanley, are developing a similar product to the ‘best bid and offer’ in traditional markets.

On Wednesday this week, XRP perpetual contracts on BitMEX experienced a flash crash causing an outrage from users, some complaining that their whole account was wiped out. For a relatively big exchange like BitMEX flash crashes should be rare but happens all the time due to liquidity issues as the crypto market continues to mature.

Well, Apifiny, a trading tech development firm, announced a possible solution to the increasing market inefficiencies in the market leading with a liquidity solution, ExOne. According to the official website, the back-end tool introduces traditional market solutions in non-traditional markets such as digital assets trading offering a wide range of advantages.

According to the former vice chair of NASDAQ and Co-Chairman at Apifiny, the fragmented market in the crypto industry and inefficiencies are the main issues ExOne will be trying to solve in the coming days. He said,

“These marketplaces are highly fragmented and remarkably inefficient. If an investor goes to one marketplace the bid that he sees in that one marketplace may be wildly different than it is in another venue.”

The team consists of a number of former professional traders including Ashu Swami, former VP of Program trading at Morgan Stanley; Head of Product Connie Wong, former Design Lead at Kraken, and CEO of Retail Product Ben Rab, formerly Visa’s head of Global Network Product Support.

A “Best Bid and Offer” solution

Traders in traditional markets are used to a stable quote rate as the data is consolidated before it’s broadcasted on trading platforms. However in the crypto world, the markets are fragmented hence the need for a similar best bid and offer as traditional markets to secure the most optimal bid for retail clients.

The product is still in development with official launch dates set to be released soon. Co-Chairman David Wield, a former vice chair of NASDAQ said,

“This is what we’re looking to do in the digital asset space, broadly defined and globally.”

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Author: Lujan Odera

EY Rolls Out Zero-Knowledge Proof Technology For Ethereum, Reducing Costs By More Than 90%

Accounting giant EY has just launched a blockchain technology meant to reduce the costs of private transactions.

The announcement was made on Thursday, when the firm made its Ethereum (ETH) blockchain zero-knowledge proof (ZKP) technology called Nightfall available to the public. All the documentation on the project can be found on GitHub. The updated code presents EY’s additions that allow private transactions of up to 20 ZKP transactions to be made at significantly reduced costs. According to the announcement, one transaction of 20-batch would be charged $0.05.

ZPKs Permit the Sharing of Information Proofs

ZPKs make it possible for the information proofs to be shared between parties, without sharing the information itself. This means they increase trust. EY has added to ZPK an enhancement that’s reducing on-chain Merkle trees’ size and some batching tools. The company says what’s the most important when it comes to this advancement is that transaction costs are lowered and that the Ethereum blockchain becomes more competitive when confronted with private blockchain-based networks.

EY’s global blockchain leader, Paul Brody, said the third-generation code represents,

“the most important EY blockchain milestone in making public blockchains scalable for [enterprises].”

The Release not Restricted for Use on the Public Chain

The brand-new release isn’t restricted for use on the public chain, as it can be deployed for the private Ethereum versions. This is what EY had to say about the matter:

“On private blockchains, it provides a second layer of security and privacy, supporting more complex privacy models across multiple organizations within industry consortia.”

The company added that it has some more other batching functions that are about to be released in the coming months, for boosting scalability. Only yesterday, EY launched the public beta version of its smart contract and token review, a tool that determines the security risks by performing tests on the efficiency and functionality of smart contracts and checking out if the coding is according to standards.

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Author: Oana Ularu

Exodus Blockchain Phone Maker HTC To Lay Off More Employees To Keep Its Innovative Edge

Smartphone manufacturer HTC has announced its intention to reduce its employees for a second consecutive year in efforts to realign its strategy and remain innovatively competitive, CoinDesk reports. The company stated that the strategy is to focus on a few marketable products comprising of its EXODUS the company’s series of blockchain-based smartphones.

The Taiwanese electronics giant which boasts of about 3,000 workers did not offer details of the downsizing such as the affected departments and the number of employees to be sacked. However, those who will be sacked will still be paid for two extra months and will enjoy end-of-year bonuses. The latest downsizing is the third for the company in five years. The Taiwanese-based company laid off 2250 workers in 2015 and last year, 1500 were also sacked.

HTC explained that the planned downsizing will help it to have an innovative advantage over its rivals in different products. As per the company, more resources will be allocated to expand VIVE, the virtual reality system and EXODUS, the blockchain-based smartphones sections.

The HTC EXODUS was released in May 2018 and has the capacity to link with decentralized platforms and enable the end users to download as well as operate decentralized apps (Dapps) just like other traditional apps operate in smartphones. The EXODUS smartphone can also be used like a hardware wallet offering the users with a safe and mobile device to store their crypto assets.

Earlier this year, the EXODUS developers added a crypto swap feature that allows easy exchanges among the ERC-20 based tokens.

The EXODUS series was made available for sale end last year and clients could only purchase it using cryptos. The company released its latest series in October this year and has the capacity to run a Bitcoin node. There are plans to enhance the next series to support Binance Chain.

HTC is facing intense competition from other smartphone makers like Samsung which introduced S10 that can run ERC-20 platforms and is compatible with Bitcoin. LG and Google are also contemplating introducing their own blockchain-powered smartphones.

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Author: Joseph Kibe

BitMEX Adds Native SegWit Support to Bitcoin Withdrawals, Non-Native Support Coming to Wallets

  • BitMEX adds native segwit address support, Bech32 to reduce transactions fees
  • The exchange will add Segwit non-native support to its wallet that will help them save 65% of block weight

Popular crypto derivatives exchange BitMEX is now supporting native SegWit address format, Bech32 to withdraw Bitcoin, announced the exchange on Dec. 12. This upgrade is effective immediately.

Starting now, BitMEX customers can withdraw to all three address formats, Bitcoin’s original address format Pay to Public Key Hash (P2PKH) whose address starts with number 1, Pay to Script Hash (P2SH) whose address starts with number 3, and the native SegWit address format Bech32 whose address starts with bc1.

However, it’s just for withdrawals, when depositing to BitMEX, you must still send the exchange’s Pay to Script Hash (P2SH) format addresses due to their multi-signature wallet solution.

This upgrade will reduce the usage of the exchange’s blockweight, allowing its customers to enjoy lower transaction fees.

“The key advantage of Bech32 addresses is that transaction fees can be saved when spending Bitcoin, which was already sent to a Bech32 address. Therefore this upgrade will not directly result in fee savings when customers withdraw from BitMEX, however in the next transaction, when the bitcoin already withdrawn from BitMEX is spent again, our customers may benefit from lower transaction fees.”

Last month Bitfinex exchange also added native SegWit support for Bitcoin withdrawals.

Segregated Witness or SegWit is an optional protocol upgrade first implemented in 2017 that increases block capacity and thereby help lower costs per transaction.

From 36.6% on Sept. 1st 2019, SegWit adoption hit its peak in early October at 56.8% only to drop. Currently, we are at a 51.9% adoption rate, as per Woobull Charts.

BitMEX further shared its future plan to enable Segwit non-native support to its wallet. This will help them save 65% of blockweight, more than the usual 25% to 40%, the exchange said.

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Author: AnTy

ECB Board Member is “Extremely” Concerned about Facebook’s Libra’s High Centralization, Shills Fiat Money

  • Ignore “treacherous promises” of the Facebook
  • Libra could reduce ECB’s control over the Euro
  • Highly centralized which is extremely concerning

Facebook’s proposed cryptocurrency called Libra — scheduled for release in the first half of 2020 — according to European Central Bank’s board member Yves Mersch undermines ECB’s ability to set monetary policy.

Mersch said Europe should ignore “treacherous promises” of the same people that had to explain themselves in front of the legislators on the threat of democracy resulting from their handling of personal data.

“Depending on Libra’s level of acceptance and on the referencing of the euro in its reserve basket, it could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role,” Mersch said on Monday.

Don’t be tempted to ignore Euro in favor of Facebook’s siren call

Facebook announced its plans for a new digital coin earlier this year that will be backed by four fiat currencies.

Just like regular currencies, Libra would be highly centralized which is an “extremely concerning” set up, he said because unlike fiat money Calibra — fully owned subsidiary of Facebook that will manage Libra-based payment services — is only accountable to shareholders.

Talking about legal and regulatory challenges with Libra, Mersch said whether it classifies as e-money, as a financial instrument or as a virtual currency is one of the challenges.

As such, European regulatory and supervisory authorities need to establish jurisdiction over Libra and requires cross-border cooperation and coordination to mitigate its risks.

“I sincerely hope that the people of Europe will not be tempted to leave behind the safety and soundness of established payment solutions and channels in favor of the beguiling but treacherous promises of Facebook’s siren call,” Mersch added.

Most credible form of money is backed by strong institutional backing

He might have pointed out the differences between Libra and cryptocurrencies and issues with its so-called stablecoin, but this only lead to him shilling the fiat currencies.

“The notion of stateless money is an aberration with no solid foundation in human experience,” he said.

Money according to him can only inspire trust and fulfill its key socioeconomic functions if it is backed by an independent but accountable public institution.

“Of the various forms that money has taken throughout history, those that have best fulfilled their purpose and proven the most credible have invariably benefited from strong institutional backing.”

He said only a central bank can issue reliable forms of money, so

“private currencies have little or no prospect of establishing themselves as viable alternatives.”

The fact that crypto can only fulfill some of the functions of money, it will serve as “useful reminder of central banks’ pivotal role as responsible stewards of public trust in money,” he said.

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Author: AnTy